Millennium Management LLC Decreases Stock Holdings in ProFrac Holding Corp. (NASDAQ:ACDC)

Millennium Management LLC trimmed its position in ProFrac Holding Corp. (NASDAQ:ACDC - Free Report) by 72.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 96,898 shares of the company's stock after selling 254,199 shares during the quarter. Millennium Management LLC owned 0.06% of ProFrac worth $752,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Dimensional Fund Advisors LP grew its position in shares of ProFrac by 2.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 90,939 shares of the company's stock worth $706,000 after buying an additional 1,860 shares during the period. Geode Capital Management LLC grew its position in shares of ProFrac by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 591,501 shares of the company's stock worth $4,591,000 after buying an additional 2,893 shares during the period. Barclays PLC boosted its stake in ProFrac by 14.4% in the 4th quarter. Barclays PLC now owns 33,409 shares of the company's stock worth $259,000 after purchasing an additional 4,194 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in ProFrac by 3.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 181,661 shares of the company's stock worth $1,410,000 after purchasing an additional 5,884 shares in the last quarter. Finally, AlphaQuest LLC bought a new position in ProFrac in the 4th quarter worth about $66,000. 12.75% of the stock is currently owned by institutional investors.

Insider Transactions at ProFrac

In other ProFrac news, major shareholder Holdings Lp Thrc acquired 23,584 shares of the business's stock in a transaction that occurred on Wednesday, May 14th. The stock was purchased at an average cost of $6.12 per share, with a total value of $144,334.08. Following the transaction, the insider now owns 79,258,442 shares of the company's stock, valued at $485,061,665.04. This trade represents a 0.03% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Chairman Matthew Wilks acquired 20,221 shares of the business's stock in a transaction that occurred on Friday, May 9th. The shares were acquired at an average cost of $4.32 per share, with a total value of $87,354.72. Following the completion of the transaction, the chairman now directly owns 308,977 shares in the company, valued at approximately $1,334,780.64. The trade was a 7.00% increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 733,996 shares of company stock valued at $4,356,960 in the last three months. 2.84% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Morgan Stanley dropped their price target on shares of ProFrac from $7.00 to $5.00 and set an "underweight" rating on the stock in a research note on Friday, May 16th. Wall Street Zen upgraded shares of ProFrac from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Finally, Stifel Nicolaus dropped their price target on shares of ProFrac from $7.00 to $6.00 and set a "hold" rating on the stock in a research note on Tuesday, April 15th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $6.90.

ProFrac Stock Performance

ACDC stock opened at $8.87 on Friday. The business has a 50-day moving average price of $5.70 and a 200 day moving average price of $7.04. ProFrac Holding Corp. has a 1-year low of $3.83 and a 1-year high of $9.49. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.95 and a quick ratio of 0.62. The company has a market capitalization of $1.42 billion, a P/E ratio of -6.29 and a beta of 1.75.

ProFrac (NASDAQ:ACDC - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported ($0.11) earnings per share for the quarter, topping analysts' consensus estimates of ($0.31) by $0.20. ProFrac had a negative return on equity of 3.54% and a negative net margin of 9.51%. As a group, equities research analysts forecast that ProFrac Holding Corp. will post -0.5 EPS for the current fiscal year.

ProFrac Profile

ProFrac Holding Corp. operates as a technology-focused energy services holding company in the United States. It operates through three segments: Stimulation Services, Manufacturing, and Proppant Production. The company offers hydraulic fracturing, well stimulation, in-basin frac sand, and other completion services and complementary products and services to upstream oil and natural gas companies engaged in the exploration and production of unconventional oil and natural gas resources.

Want to see what other hedge funds are holding ACDC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ProFrac Holding Corp. (NASDAQ:ACDC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.